A widely followed cryptocurrency analyst and trader believes that an Ethereum (ETH) competitor is forming a bullish reversal pattern.
The analyst under the pseudonym Rekt Capital tells With its 499,100 followers on the social media platform
“Avalanche has successfully retested the macro downtrend as support. What this means is that the downtrend is confirmed to be over and the new macro uptrend is established. AVAX is up +29% since that successful retest.”
AVAX is trading at $27.22 at the time of writing, up 3.1% in the last 24 hours.
Then the analyst say Bitcoin (BTC) may break out of the weekly chart’s declining trendline and could soon rise more than 5% of its current value.
“Confirm a break past the series of lower highs seen in late July and Bitcoin could rise to the top of the downside channel (black) around $67,000.”
He too say that Bitcoin Dominance (BTC.D) – which tracks the percentage of total market capitalization belonging to Bitcoin – could repeat a similar pattern from 2019. He suggests that BTC.D could rise after a brief dip.
“Bitcoin dominance is currently declining, which is completely in line with historical trends around these levels. In fact, it is exactly the same situation as five years ago in mid-April 2019. Bitcoin Dominance closed monthly above 57.68% (green) and is now diving for a retest from this level to new support to see a breakout across the entire macro range to confirm. .”
Bitcoin is trading at $63,331 at the time of writing.
Finally, the analyst becomes optimistic about the Artificial Superintelligence Alliance (FET). He suggests The FET could soon rise by about 10% from its current value to $1.77.
“FET has broken its multi-month downtrend, made a decent retest attempt and appears poised to re-enter high resistance in the red range over time.”
FET is trading at $1.61 at the time of writing, up 5.7% in the last 24 hours.
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